Chanjaroen – Financial Treason & Crime

A $953 Million Singapore Fund Ensnared by Alleged Fraud

David Ramli, Yoolim Lee, Chanyaporn Chanjaroen and Alfred Cang, 06 May 2021

Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.

Vickers would be the highest-profile investor yet to have fallen victim to the suspected $740 million swindle, which Singaporean authorities have said could be the biggest investment fraud the financial hub has ever seen. The alleged mastermind, Ng Yu Zhi, has been charged with a range of suspected crimes from faking the purchase and sale of nickel to falsifying transfers from Citibank and account statements that showed millions in funds. Continue reading “Article: A $953 Million Singapore Fund Ensnared by Alleged Fraud”

Vegas Sands Probes Money-Laundering Safeguards at Singapore Unit

Chanyaporn Chanjaroen, 29 March 2021

Las Vegas Sands Corp. set up a special committee to look into potential breaches of anti-money laundering procedures at its Singapore casino, which has already been the target of probes by U.S. officials and local police.

The committee of three independent board members is reviewing money transfers among high-rollers and third parties at Marina Bay Sands, as well as any possible retaliation against whistle blowers, according to people familiar with the matter. U.S. law firm Vinson & Elkins LLP has been hired to assist with the review, according to the people, who asked not to be identified because of the confidentiality involved.

Las Vegas Sands declined to comment. Continue reading “Article: Vegas Sands Probes Money-Laundering Safeguards at Singapore Unit”